Group 1 - The core viewpoint of the news highlights the strong performance of the STAR Market 50 Index and its ETF, indicating a bullish trend in the technology sector, particularly in semiconductor and AI-related companies [1][5][6] - The STAR Market 50 Index ETF (588870) has seen a significant increase of 8.95% over the past week, with a current price of 1.42 yuan and a trading volume of 1.01 billion yuan [1][3] - The ETF's recent growth in scale reached 3.7991 million yuan, ranking it second among comparable funds, while its share count increased by 12 million, placing it first in the same category [3][4] Group 2 - Recent foreign institutional interest in Chinese chip companies suggests a growing confidence in China's "hard technology" sector, with many foreign institutions indicating that the semiconductor and AI fields present rich investment opportunities [4][5] - The report mentions the successful development of AI-focused PPU chips by Alibaba's T-head, which reportedly surpass Nvidia's A800 in key performance metrics, indicating advancements in domestic chip technology [4] - Analysts from Changjiang Securities and Zhongtai Securities emphasize the accelerating demand for computing power driven by the global AI wave, suggesting that domestic computing infrastructure and AI chip technology will see significant growth opportunities [4][5]

截至13:42，上证科创板半导体材料设备主题指数强势上涨4.91%，成分股中微公司上涨13.70%，华海诚 科上涨10.42%，中科飞测上涨7.87%，拓荆科技，艾森股份等个股跟涨。科创半导体ETF上涨4.86%， 冲击7连涨。 公开信息显示，科创半导体ETF及其联接基金（A类：024417；C类：跟踪上证科创板半导体材料设备 主题指数，囊括科创板中半导体设备（59%）和半导体材料（25%）细分领域的硬科技公司。半导体设 备和材料行业是重要的国产替代领域，具备国产化率较低、国产替代天花板较高属性，受益于人工智能 革命下的半导体需求扩张、科技重组并购浪潮、光刻机技术进展。 消息方面，高盛上调中芯国际港股H股目标价15%，看好其在人工智能趋势和国内IC设计需求推动下的 长期增长前景。 长城证券认为，当前全球AI浪潮持续加速，催生算力需求指数级提升，同时国产诸如DeepSeek等大模 型加速推进，考虑地缘政治及产业链稳定等因素，必定带来国产算力需求的持续攀升，在国产算力基础 设施逐步建设充分AI芯片技术上逐步提升，将带来充分的算力国产自主化空间，我们持续看好算力自 主化相关投资机会。 ...

Market Analysis - The Federal Reserve's decision to cut interest rates by 25 basis points led to significant market volatility, with U.S. stocks initially dropping sharply before recovering slightly, indicating market dissatisfaction with the outcome [2] - A-shares opened lower but quickly rebounded, suggesting continued strength in the market, transitioning from broad gains to selective upward movements, necessitating careful selection of quality stocks [2] - The global demand for analog chips appears to have bottomed out and is on the rise, with Texas Instruments (TI) projected to achieve $8.5 billion in revenue in the first half of 2025, reflecting a 13.8% year-on-year increase, a notable improvement from previous years [2][14] Sector Performance - The automotive services, home appliance components, and wind power equipment sectors showed strong performance, while rare metals, industrial metals, and diversified finance sectors lagged [3] - The chip sector remained robust, with several companies experiencing significant stock price increases, driven by developments in AI chip applications and projects like China Unicom's green computing center [3] - The tourism and hotel sectors saw a surge, with Yunnan Tourism and Huazhong Hotel stocks rising, supported by new policies aimed at expanding service consumption and the upcoming "Golden Week" holiday [4] Economic Outlook - The Shanghai Composite Index is expected to break through the 3900-point mark, with the potential to reach 4000 points depending on future investment sentiment [8] - The ChiNext Index showed strong upward momentum, but investors should be cautious of individual stock performance amid overall index gains [8] - External investment interest in China is at a high, with significant inflows into emerging market stocks and bonds, driven by China's economic recovery and policy support [12] Industry Trends - The domestic analog chip industry, particularly in power management and signal processing, is projected to see a revenue increase of 21.1% in the first half of 2025, indicating a recovery in downstream demand [14] - The demand for analog chips is expected to rise, with TI planning to increase prices for a significant number of its products, reflecting a recovery phase in both demand and pricing [15] - The domestic AI chip market is expanding, with major internet companies investing heavily in AI models, positioning local AI chip products favorably for commercialization [2][15]

Market Performance - The three major A-share indices collectively rose in early trading, with the Shanghai Composite Index up 0.45% at 3893.95 points, the Shenzhen Component Index up 0.79%, and the ChiNext Index up 0.49% [1] - The North Star 50 Index increased by 1.05%, and the Sci-Tech 50 Index surged by 3.4%, reaching a new high since the end of 2021 [1] - The total trading volume in the Shanghai and Shenzhen markets reached 172.03 billion yuan, an increase of 158.4 billion yuan from the previous day, with over 2700 stocks rising [1] Semiconductor Sector - The domestic chip sector is gaining momentum, with semiconductor stocks performing strongly; Huicheng Co. and Ruixin Micro both hit the daily limit, and the market capitalization of SMIC surpassed 1 trillion yuan [1] - The photolithography machine concept stocks continued to rise, with Yongxin Optical achieving two consecutive limits and Wavelength Optoelectronics hitting a new high during trading [1] - Various semiconductor ETFs, including those focused on semiconductor materials and equipment, saw gains exceeding 6% [1] Huawei's AI Developments - At the Huawei Connect 2025 event, Huawei's rotating chairman Xu Zhijun emphasized the importance of computing power for AI, stating it is crucial for China's AI development [2] - Huawei plans to launch multiple Ascend chips over the next three years, including the Ascend 950PR in Q1 2026 and the Ascend 970 in Q4 2028 [2] - The TaiShan 950 SuperPoD, the world's first universal computing super node, is set to be released in Q1 2026, featuring a maximum of 16 nodes and 48 TB of memory [2] Domestic AI Chip Market - The Chinese domestic AI chip market is becoming increasingly popular, with major tech companies like Alibaba and Baidu ramping up their procurement of domestic computing power [3] - In Q2 2025, the semiconductor sector's revenue reached 170.02 billion yuan, a year-on-year increase of 15.2% and a quarter-on-quarter increase of 14.4%, marking a historical high for quarterly revenue [3][4] - The net profit attributable to shareholders in Q2 2025 was 14.83 billion yuan, up 30.9% year-on-year and 58.8% quarter-on-quarter, indicating a recovery trend in profitability [4] Industry Outlook - The semiconductor sector is experiencing a recovery, with 83.2% of the 163 semiconductor companies reporting year-on-year revenue growth in Q2 2025 [4] - The ongoing global AI wave is driving exponential demand for computing power, with domestic AI chip technologies expected to see significant growth due to geopolitical factors and supply chain stability [4]

Market Overview - On September 15, the A-share market showed mixed trends, with the Shanghai Composite Index experiencing a slight decline of 0.26%, while the Shenzhen Component Index rose by 0.63% and the ChiNext Index increased by 1.52% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 2.28 trillion yuan, a decrease of 245.8 billion yuan compared to the previous trading day [2] Sector Performance - The gaming sector saw collective gains, while the automotive supply chain and computing power sectors also showed strength [2] - Conversely, the cultural media sector experienced significant declines [2] International Market - The U.S. stock market indices rose on September 15, with the Dow Jones Industrial Average up by 49.23 points (0.11%), the S&P 500 up by 30.99 points (0.47%), and the Nasdaq Composite up by 207.65 points (0.94%) [4][6] - In Europe, the FTSE 100 index fell by 6.26 points (0.07%), while the CAC 40 and DAX indices rose by 71.69 points (0.92%) and 50.71 points (0.21%) respectively [4][6] Commodity Prices - International oil prices saw a slight increase, with WTI crude oil futures rising by $0.61 to $63.30 per barrel (0.97%) and Brent crude oil futures increasing by $0.45 to $67.44 per barrel (0.67%) [4][5] Key Developments - China and the U.S. reached a basic framework consensus to address the TikTok issue, aiming to reduce investment barriers and promote economic cooperation [7][8] - The State Administration of Foreign Exchange in China announced measures to enhance cross-border investment and financing, including allowing foreign exchange profits from direct investments to be reinvested domestically [9][10] - Nvidia is under further investigation by China's market regulator for potential violations of antitrust laws [11] - The release of version 2.0 of the "Artificial Intelligence Security Governance Framework" aims to address risks associated with rapid AI development [12] - The Chinese government is promoting the implementation of tourism standards to enhance product quality and service levels [13] - Shanghai is advancing the high-quality development of the high-end medical device industry through various supportive measures [14] - Henan Province is accelerating the development of high-end chips and AI-enabled products as part of its industrialization plan [15] - 17 major automotive companies in China are responding positively to the initiative for supplier payment norms to foster a collaborative ecosystem [16] Investment Insights - Long-term prospects for domestic computing power demand are expected to rise due to the ongoing AI wave and geopolitical factors [17] - The oil transportation sector may benefit from rising shipping rates and a potential decrease in global oil prices due to increased production [18] - The introduction of a clear labeling system for prepared dishes is anticipated to enhance supply chain transparency and benefit leading companies in the sector [18]

早盘，通信ETF（515880）震荡下探后翻红，当前涨超1.4%，盘中成交额近15亿元。 资金逢低买入，昨日下跌后净流入超13亿元，近5日吸金超38亿元，当前规模超115亿元位居同类首位。 长城证券表示，当前全球AI浪潮持续加速，催生算力需求指数级提升，同时国产诸如DeepSeek等大模 型加速推进，考虑地缘政治及产业链稳定等因素，必定带来国产算力需求的持续攀升，在国产算力基础 设施逐步建设充分AI芯片技术上逐步提升，将带来充分的算力国产自主化空间，持续看好算力自主化 相关投资机会。 通信ETF（515880）光模块占比近50%，"光模块+服务器+光纤+铜连接"占比超75%，一键布局算力核 心引擎，感兴趣的投资者可以关注相关布局机会。 没有股票账户的投资者可以关注通信ETF联接基金（联接 A：007817；联接 C：007818）。 注：市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及个股仅供参考，不构成股 票推荐，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产 品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） ...

Group 1: ETF Performance - The leading ETF in terms of growth is the Robot ETF Penghua (159278), which increased by 2.30% [1] - Other notable performers include the Robot ETF E Fund (159530) with a 2.22% increase and the Robot 50 ETF (159559) with a 2.10% increase [1] - The banking sector ETFs also showed positive performance, with the Bank ETF Tianhong (515290) rising by 1.96% [1] Group 2: Robotics Sector Performance - In the first half of 2025, the robotics sector achieved a total revenue of 288.83 billion yuan, reflecting a year-on-year growth of 13.81% [2] - Out of 120 companies in the robotics sector, 106 reported profits, resulting in a net profit of 21.62 billion yuan, which is a 13.72% increase year-on-year [2] - In Q2 2025, the sector's revenue reached 153.24 billion yuan, with a year-on-year growth of 14.65% [2] Group 3: Banking Sector Outlook - The banking sector is expected to see a resurgence in excess returns as macro liquidity approaches its peak [2] - Long-term fiscal spending is gradually optimizing towards subsidies in areas such as education and child-rearing, which is expected to benefit both demand and supply in the banking sector [2] Group 4: ETF Trading Activity - The China-Korea Semiconductor ETF (513310) had the highest turnover rate at 289.93% [4] - Other ETFs with significant turnover rates include the S&P Consumer ETF (159529) at 194.12% and the 5-Year Local Bond ETF (511060) at 186.18% [4][5] Group 5: New ETF Launches - Upcoming ETFs include the Southbound Hong Kong Innovation Drug ETF (159297) and the Guotai Hong Kong Automotive ETF (520720), focusing on innovative drug development and the automotive industry, respectively [6] - The Hong Kong Stock Connect Technology ETF (159101) targets major tech companies and is suitable for investors looking to capture growth in the tech sector [7] Group 6: Hong Kong Market Performance - The Hong Kong market has shown strong performance, with the Hang Seng Index and Hang Seng Tech Index rising by 27.70% and 29.79% year-to-date, respectively [8] - Significant inflows from foreign institutions have been noted, with approximately 67.7 billion HKD entering the market from May to July [8]

Group 1 - The A-share market experienced a collective decline on September 2, with the Shanghai Composite Index down by 0.31%, while sectors such as banking, public utilities, and food and beverage showed gains, contrasting with declines in computer and defense industries [1] - As of June 30, the total scale of operational computing center racks in China reached 10.85 million standard racks, with intelligent computing power scaling up to 788 hundred quintillion times per second (EFLOPS), and storage capacity exceeding 1,680 exabytes (EB), marking a growth of approximately 40% compared to 2023 [1] - The number of large models published reached 1,509, placing China among the top globally, with over 1,000 registered enterprise users and more than 100 computing service providers on platforms by the end of July [1] Group 2 - The ongoing global AI wave is significantly increasing the demand for computing power, with domestic large models like DeepSeek advancing rapidly, suggesting a sustained rise in domestic computing power demand due to geopolitical and supply chain stability factors [2] - The Chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, including major players like SMIC, Cambricon, and Northern Huachuang [2]

证券研究报告 | 行业周报 2025 年 09 月 01 日 通信 我国厂商加码国产 AI 芯片布局，端侧 AI 加速发展，看好模组等算 力相关产业投资机会 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2025E | 2026E | 2025E | 2026E | | 301285.SZ | 鸿日达 | 买入 | 0.21 | 0.7 | 242.95 | 72.89 | | 002881.SZ | 美格智能 | 买入 | 0.77 | 1.09 | 73.64 | 52.02 | | 002913.SZ | 奥士康 | 买入 | 1.39 | 1.74 | 29.49 | 23.56 | | 688668.SH | 鼎通科技 | 买入 | 1.75 | 2.28 | 77.14 | 59.21 | | 300870.SZ | 欧陆通 | 买入 | 3.11 | 4.3 | 85.88 | 62.11 | | 605277.SH | 新亚电子 | 买入 | 0. ...

Group 1 - The State Council has issued opinions on the implementation of the "Artificial Intelligence +" initiative, aiming for deep integration of AI with six key sectors by 2027, with over 70% penetration of new intelligent terminals and applications [1] - The AI computing power has surged, leading to a 5% increase in the communication ETF (515880), with net inflows exceeding 2 billion yuan in the last 10 days, bringing the total scale to over 6.8 billion yuan [1] Group 2 - The global AI arms race is accelerating, expanding the demand for AI infrastructure, with significant growth potential in the communication equipment supply chain [2] - The communication ETF's index includes over 70% representation from "optical modules, servers, copper connections, and optical fibers," indicating a strong fundamental basis for computing hardware [2] - Domestic AI models like DeepSeek are advancing, and geopolitical factors are expected to drive sustained growth in domestic computing power demand, enhancing the potential for self-sufficiency in computing infrastructure [2]